Livermore Pulls Back In Q3 But Still Up 65% In 2019
Northbrook, IL-based event-driven investor Livermore Partners' endured a tough Q3, retreating by 7%, according to the firms' investor letter. It cited a 'challenging macroeconomic landscape' for the quarter's performance.
The letter says that there were some bright spots in Q3, however, with all of the firms shorts - Shopify, Wirecard, Goldman Sachs, MongoDB and Roku - producing gains. Livermore is also short Tesla, which went against the firm between July and September. Livermore Managing Director remains convinced that its Tesla bet will work out eventually, saying in the letter that the auto-maker is "in a distorted reality".
Gold has been a significant driver of returns for Livermore, and Neuhauser's letter says Livermore remains bullish on Gold, and will "continue to hold a high allocation of gold in the portfolio."
Livermore could be poised to enter into more activist-type positions. Neuhauser says that "We have yet to run an activist campaign in 2019 and yet, we are starting to witness opportunities to deploy our skillset to unlock value. I hope to discuss in more detail in 2020 as we raise fresh capital and implement new positions."